Multifamily

CPA:17 – Global Buys Jacksonville University Dorm for $18M

by John Nelson January 22, 2016

JACKSONVILLE, FLA. — W. P. Carey Inc. and its managed REIT CPA:17 – Global have acquired a 70,000-square-foot, newly constructed student residence hall on the campus of Jacksonville University for approximately $18 million. Completed in 2015, the four-story, three-wing North Hall serves as the primary housing option for all first-year students. The 274-bed residence hall is the first new freshman dormitory at the university since 1968 and incorporates high-tech amenities including fiber optic communications, enhanced performance wiring and cell phone range extenders. The hall is 100 percent occupied and part of the first stage of a multi-phase development plan for the riverfront property adjacent to the university. The seller was Rimrock Devlin Development, a developer based in Lake City, Fla. The triple-net lease has nearly 20 years remaining and includes fixed rental escalations.

January 22, 2016

Michigan Midwest Multifamily

NAI Brokers $12M Sale of Land Parcel in Downtown Grand Rapids

by Christina Cannon January 22, 2016

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the $12 million sale of 3.1 acres in downtown Grand Rapids that will serve as the future site of a 68-unit residential complex. The Woda Group LLC purchased the land located at 936 Front St. NW. Ryder Transportation Services, which sold the property, previously occupied a building on the land that is being demolished to make room for the housing project. Construction on Grand View Place is scheduled to start this summer. The housing development is expected to occupy two acres out of the 3.1-acre parcel. The remaining 1.1 acres will be used for a future mixed-use development. Stan Wisinski of NAI Wisinski of West Michigan represented The Woda Group in the transaction.

January 22, 2016

Multifamily New York Northeast

GFI Realty Arranges $27M Sale of 67-Unit Apartment Building in Manhattan

by Amy Works January 21, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of a five-story, walkup building located at 322-326 E. 82nd St. in Manhattan’s Upper East Side. A French investor acquired the 40,320-square-foot property from The Maidman Family for $27 million as part of a 1031 exchange. The property features 67 apartment units. Yisroel Pershin and Barak Jacobov of GFI Realty represented the seller, while Erik Yankelovich, also of GFI, represented the buyer in the transaction. Additionally, Roni Abudi of GFI Realty arranged $15.2 million in acquisition financing from Investor’s Bank for the deal.

January 21, 2016

Massachusetts Multifamily Northeast

CBRE/NE Negotiates Sale of Apartment Community in Massachusetts

by Amy Works January 21, 2016

MARLBOROUGH, MASS. — CBRE/New England has brokered the sale of Bell Wheeler Hill, a 274-unit apartment community located in Marlborough. CBRE Strategic Partners U.S. Value 7 fund, sponsored by CBRE Global Investors, acquired the property from an affiliate of Bell Partners Inc. for an undisclosed price. The community features a mix of one- and two-bedroom apartments, with an average size of 1,015 square feet. On-site amenities include a great room, media room, business center, gym, outdoor pool with sundeck, tot lot, carports, garages and gas grills. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

January 21, 2016

Florida Loans Seniors Housing Southeast

Cushman & Wakefield Arranges $28.7M Loan for Seniors Housing Property in Tampa

by John Nelson January 21, 2016

TAMPA, FLA. — Cushman & Wakefield’s Equity, Debt & Structured Finance group has arranged a $28.7 million acquisition and redevelopment loan for Renaissance Senior Living, a 226-unit seniors housing community in Tampa. The borrower was The Carlyle Group, which will acquire the property and perform significant renovations. Changes include putting the levels of care offered — independent living, assisted living and memory care — into separate buildings, as well as enhancements to community amenities. Jay Wagner and Timothy Hosmer of Cushman & Wakefield’s National Senior Housing Capital Markets team arranged the financing through an unnamed regional bank.

January 21, 2016

Loans Multifamily South Carolina Southeast

NorthMarq Capital Arranges $10M Loan for Apartment Community in Upstate South Carolina

by John Nelson January 21, 2016

GREER, S.C. — NorthMarq Capital has arranged the $10 million refinancing of Halcyon at Cross Creek Apartments, a 152-unit multifamily community located at 1200 Halcyon Circle in Greer. Bill Matone of NorthMarq’s Charlotte office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.

January 21, 2016

California Multifamily Western

Kennedy Wilson Sells Multifamily Property in San Francisco for $55M

by Nellie Day January 21, 2016

SAN FRANCISCO — Kennedy Wilson and its equity partners have sold a 159-unit multifamily property in the San Francisco Bay Area to an unnamed buyer for $55 million. Kennedy Wilson acquired the property in 2013. It then undertook a value-add asset management program and grew the property’s net operating income by 20 percent prior to the sale. The company and its partners have sold six multifamily properties totaling 1,997 units throughout the Western U.S. since Sept. 30, 2015. The gross proceeds from these sales total $479 million.

January 21, 2016

California Multifamily Western

Intercontinental, MG Properties Buy Carmel Hacienda Heights Apartments in Los Angeles

by Nellie Day January 21, 2016

LOS ANGELES — A joint venture between Intercontinental Real Estate Corporation and MG Properties Group has purchased the 350-unit Carmel Hacienda Heights Apartments in the Los Angeles submarket of Hacienda Heights for an undisclosed sum. The community is located at 2401 S. Hacienda Blvd. The property will be rebranded as the Hills at Hacienda Heights. It will also undergo a significant renovation, including improvements to the unit interiors, common areas and property exterior. The acquisition was financed with a 10-year, fixed-rate mortgage from Freddie Mac. CBRE’s Brian Eisendrath arranged the loan. The JV represented itself in transaction, while HFF’s Sean Deasy and Mark Petersen represented the unnamed seller.

January 21, 2016

Market Reports Midwest Midwest Market Reports Missouri Multifamily

St. Louis Apartment Builders Play Catch-Up

by Christina Cannon January 21, 2016

Strong renter demand in the metro St. Louis apartment market helped boost annual effective rent growth by 3.6 percent in 2015, 200 basis points above the market’s long-term average, according to Axiometrics. An estimated 1,012 apartment units were delivered to the St. Louis market for all of 2015 compared with 2,378 units of absorption during the same period, reports Axiometrics. But with numerous projects in the pipeline, that ratio is likely to change over the next few years, say real estate experts. “We expect supply levels to increase in 2017 and for absorption to begin to struggle to keep up due to slowing job growth,” says Sophie Zatterstrom Gore, analyst with Axiometrics. But 2016 is a different story, she points out. Robust job growth will help absorption outpace new supply by about 600 units in 2016: 1,587 units of absorption versus 990 units of new supply. Such strong demand is giving a strong lift to real estate fundamentals in the local apartment sector. The average effective rent in the third quarter of 2015 was $914, which Axiometrics projects will rise to $948 by the end of 2016. The average vacancy rate is projected to fall from 6.3 percent at the …

January 21, 2016

Multifamily New Jersey Northeast Retail

Gebroe-Hammer Arranges $175M Sale of Apartment Complex, Retail Center in New Jersey

by Amy Works January 20, 2016

MOUNT OLIVE, N.J. — Gebroe-Hammer Associates has brokered the sale of the 1,172-unit Village Green Apartments and the 91,330-square-foot Village Green Shopping Center in Mount Olive. SDK Apartments acquired the assets from a private investment group for $175 million. Village Green Apartments comprises 871 one-bedroom/one-bath units, 157 one-bedroom with den/one-bath units; and 234 two-bedroom/one-bath units. On-site amenities include a six-hole Par 3 golf course, two pools, tennis courts, ball fields, skate park, playground and basketball and volleyball courts. At the time of sale, the apartment community was 98 percent occupied. Village Green Shopping Center is anchored by a 30,000-square-foot Home Goods. Tenants also include PNC Bank and Dunkin Donuts. Greg Pine, Stephen Tragash and Joseph Brecher of Gebroe-Hammer arranged the 76-building transaction.

January 20, 2016

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